The rate card for the Tullett Prebon EU OTF has been updated and takes effect from 11 August 2026

Please be advised that TP UK OTF has been closed with effect from 10 August 2026 following its migration into TP ICAP UK OTF.

Further information regarding this migration is available in the following market notice:

Market Notice 2026.006 - TP UK OTF | TP ICAP

Please direct any questions regarding this Market Notice to:

Email: ukvenuegovernance@tpicap.com
Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

Effective 10 August 2026, the following segment MICs currently operated under TP UK OTF (TPSO) will migrate to the TP ICAP UK OTF (IOTF), previously known as ICAP UK OTF.

Segment MIC

TSCD - Credit Derivatives

TSED - Equity Derivatives

TSFI - Corporate Bonds & Securitised Debt

TSGB - Government Bonds – Ex GEMM Gilts

TSGI - Government Bonds – Gilts

TSIR - Interest Rate Derivatives

Trading activity previously conducted on these TP UK OTF segment MICs will continue with only the operating MIC changing from TPSO to IOTF.

To reflect these changes, the TP UK OTF Rate Card has been renamed "TP ICAP UK OTF - Tullett Prebon Fee Structure and Incentives" and is now available on the TP ICAP UK OTF Venue website. Otherwise, the Rates and Market Segment Rules will remain unchanged.

Further details of the migration have been communicated directly to affected clients.

Please direct any questions regarding this Market Notice to:

Email: ukvenuegovernance@tpicap.com
Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

LONDON, 7 April 2026 - ICAP, part of the TP ICAP Group, a world leading provider of financial markets infrastructure and data solutions, today announced the launch of a new global Dry Forward Freight Agreement (FFA) Desk, expanding its freight derivatives capabilities and strengthening its offering to a broad, international client base.

The Dry FFA Desk has been established with a truly global footprint, reflecting the international breadth of ICAP’s client base. The team is situated across key freight trading hubs, with brokers located in London, Copenhagen, Dubai and Singapore, providing around the clock coverage for clients in Europe, the Middle East and Asia, including China and Hong Kong.

The desk will be led by Max Nijhawan, who brings deep experience in freight derivatives markets.

The desk serves a diverse, global client base, including ship owners and operators, miners, grain houses, investment banks, hedge funds and trading houses covering Capesize (C5TC, C5 and C3), Panamax (P5TC and P6), as well as Supramax and Handysize time charters.

ICAP’s Dry FFA Desk benefits from close collaboration with the firm’s established Dry Bulk physical desk, particularly in Denmark, enabling ICAP to deliver a more joined up service to counterparties active across both physical and derivatives markets.

Max Nijhawan, FFA Desk Head: 

“A key differentiator this desk will bring to the market is ICAP’s exceptional connectivity to the funds community, which has become an increasingly important participant in freight markets. ICAP’s credibility, reach and long standing relationships position us uniquely to support both traditional freight participants and a growing class of financial investors. Our focus, as we build a world-class team is to support the growth of the overall market rather than simply taking a share.”

Dry freight remains one of the most volatile markets globally, influenced by a wide range of factors including weather, geopolitics, conflict and shifts in trade flows. With approximately 80% of global trade transported by sea, the development of liquid and well functioning freight derivatives markets plays a critical role in enabling market participants to manage risk more effectively.

ENDS
 
About TP ICAP Group plc  
TP ICAP is a global leader in connecting buyers and sellers across financial, energy, and commodities markets. Leveraging our expertise and cutting-edge technology, we provide unparalleled OTC liquidity and data solutions. Our portfolio includes renowned brands such as ICAP, Tullett Prebon, PVM, Liquidnet, and Parameta Solutions. These brands deliver trusted broking services, comprehensive data & analytics, and insightful market intelligence to clients worldwide. With a presence in over 60 offices across 28 countries, TP ICAP is committed to driving market efficiency and innovation. 

Media Contact: 
Tom Gilbert | Director, External Communications, TP ICAP | +44 7741231950 | thomas.gilbert@tpicap.com